Category Archives: Tax

Federal Tax Reform Update

Capitol Hill was busy last week. As you know, the U.S. House of Representatives passed H.R. 1, the Tax Cuts and Jobs Act, in a 227-205 vote last Thursday. This, while the Senate Finance Committee voted its own tax reform legislation out of committee. You can view a side-by-side comparison of both versions here. Now, all eyes will be on…

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Workers’ Compensation Reforms Saved!

After a recent ruling from the North Carolina Supreme Court threatened to decimate the workers’ compensation reforms of 2011, the aligned business community immediately got to work to save the reforms. Thanks to swift and hard fought advocacy efforts, the North Carolina General Assembly unanimously passed legislation clarifying the reforms passed in 2011. This action created a legislative fix to…

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It’s a Lose-Lose > Repeal the Mill Machinery Tax

North Carolina’s costly mill machinery sales tax is an onerous tax forced upon North Carolina manufacturers and other companies that purchase mill machinery. At a taxation rate of 1 percent of the price of such machinery or $80, per taxed article (whichever is higher), the mill machinery tax continues to burden some of our state’s largest economic contributors. With revenue…

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How does North Carolina’s Tax Climate Compare Nationally?

This week, the nonpartisan Tax Foundation released its annual “Facts & Figures 2017: How Does Your State Compare?” report, which outlines each of the 50 states’ tax climates. The report compares every state’s overall tax climate, corporate and income taxes, state-local tax burdens and state revenue, among other tax measures. Prior to North Carolina’s overhaul of the state’s archaic tax…

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NC Chamber Looks to Keep Our State’s Tax Climate Moving up the Competitive Leaderboard

Since 2013, when state leaders began implementing a number of commonsense policy reforms to streamline our tax climate, North Carolina’s competitive tax standing has improved by leaps and bounds. Along with a reduced individual rate (not only important for families, but also for businesses taxed on their owner’s income, including many small and Main Street businesses in our state), our…

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General Assembly Passes Strong Disaster Recovery Act

Wasting no time in taking care of the important reason Gov. McCrory called together this week’s special legislative session, the General Assembly today passed a strong piece of legislation to help provide much needed relief measures for individuals, businesses and communities hardest hit by the recent natural disasters impacting large portions of North Carolina. State House members approved the Disaster…

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How are Recent Changes to Sales and Use Tax Impacting Your Company?

As you are likely aware, a number of key changes made to North Carolina’s tax laws during the 2016 legislative session involved expansions to the sales and use tax base. Many of these changes have already been implemented while a number of additional changes will be taking effect on Jan. 1, 2017. Recently, the N.C. Department of Revenue (DOR) posted…

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NC Employers to See Workers’ Compensation Costs Fall Again in 2017

In September, the N.C. Rate Bureau announced that, effective April 1, 2017, job creators in North Carolina would continue to see their costs for workers’ compensation claims go down – this time by an average decrease of 14.4 percent from the loss costs that took effect in April of this year, when average rates fell by about 10 percent. According…

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Were you Aware of these Changes to NC Tax Laws?

North Carolina has recently implemented and proposed numerous changes to its tax laws. But don’t feel overwhelmed; at the NC Chamber 2016 Tax Conference, we tackle tax changes for you. We’ve brought in numerous experts from the NC Department of Revenue to help you digest these changes so that you are armed with information to protect and grow your business.…

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NC Chamber Supports the Prosperity & Economic Opportunity for All NC Act

Last week, we told you about a pair of important companion bills (HB 1090/SB 826: Prosperity & Economic Opportunity for All NC Act) introduced recently in the state House and Senate. The Prosperity & Economic Opportunity for All NC Act contains a number of strong measures that would create greater economic growth opportunities throughout North Carolina’s rural communities, as well…

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